S&P 500:Bullish Divergence and 61.8% retracement

June 15, 2016

Pattern formed - classic bullish divergence. Potential Reversal Zone- 2060. S&P500 has recovered after making a low of 2063.70.it is currently trading around 2078. Short term trend is lightly bullish as long as support 2060 holds.

Any indicative break below 2060 will drag the index down till 2052 (90 day EMA)/2044. S&P500 index resistance is around 2077 (200 4H MA) and any break above targets 2088/2093/2108.50. It is good to buy at dips around 2072-75 with SL around 2060 for the TP of 2098/2108

Publication source
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